Indian met coke prices firm up on active trades

India's domestic met coke prices remained supported this week. As per BigMint's assessment, 25-90 mm blast furnace (BF) grade coke prices stood at INR 34,000/t exw-Jajpur, while Gandhidham's prices were recorded at INR 31,500/t exw. Both blast furnace and foundry grade coke prices have risen by INR 250-500/t w-o-w.

The eastern India-based merchant cokeries were heard to have concluded trades at INR 34,000-34,500/t exw. Market sentiment remains positive, driven by declining imported met coke stocks at Indian ports and limited fresh bookings due to quantitative restrictions.

Market drivers

Australian coking coal prices inch down - Australian coking coal prices inched down w-o-w. PHCC was assessed at $186/t FOB Australia, stable against last week. Thin liquidity amid holidays in China kept prices range-bound.

China to announce another round of coke price cut - The eighth round of met coke price cut is expected by 7 February, with cokeries expected to accept the adjustment by next Monday. Notably, China's metallurgical coke market implemented the seventh price cut amid weak demand and ample supply in last week of January. Major steelmakers reduced coke purchase prices by RMB 50-55/t

Indian pig iron prices weaken w-o-w - Steel grade pig iron prices in Durgapur, India, inched down w-o-w to INR 32,900/t exw on weaker market sentiments post Union Budget.